Charts added to this post as I complete them. Full post ETA 10:30.
Bonds could not poke over the high from yesterday to test 161^02, but instead fell back to test the daily moving averages. Could wave [Y] of b be complete? Yes, technically the form is good enough at this point. From a practical standpoint, probably should look for confirmation such as a drop under the moving averages before getting too excited about a reversal.
Charts added to this post as I complete them. Full post ETA 9:45.